...this is the main reason I was not (still not) involved in cryptos.
...it would be different if Commsec were to offer a crypto platform.
The real risk - Counterparty risk or the platform a big scam Collapse of crypto platform a cautionary tale James FrostFinancial services writer
Mar 1, 2021 – 12.01am
Twelve months after Melbourne based cryptocurrency platform ACX ceased operating and froze the accounts of its users, investors caught up in the debacle are none the wiser to what happened.
Around 200 investors are understood to have lost as much as $10 million in this little corner of the investment world’s Wild West.
ACX has been banned for life by the peak industry body while the financial intelligence regulator AUSTRAC has revoked the digital currency license used by the platform.
Yet investors still have no visibility over a path to restitution or justice. Many of them believe they are victims of a well-planned scam and have given up hope of ever getting their money back.
ACX was a platform or “digital currency exchange” that allowed investors to hitch their wagon to the crypto trading craze by depositing money to buy Bitcoin and its many, many variants.
According to its website, the exchange was managed by Blockchain Global Ltd and had operated since at least 2016.
Blockchain Global positioned itself as a successful investor in crypto-adjacent businesses after early successes investing in bitcoin. Through ACX, Blockchain Global provided bitcoin mining, consulting and other services to a largely Australian customer base.
